Using an agent is important in any real estate transaction, and even more so in a short sale. A skilled agent will be able to prepare for obstacles and move through them as quickly as possible.
1. Look for training and education specific to short sales, such as Certified Distressed Property Expert (CDPE), Short Sales & Foreclosure Resource (SFR) or Five Star credentials.
2. Look for experience helping buyers purchase short sales in your area
It’s equally important to be comfortable with your agent and use all the same tips noted in the Tips on Choosing and Working with a Realtor.
Ultimately, your agent can mean the difference between a successful short sale and a huge, frustrating disappointment.
Hire an agent with experience closing short sales.
Get prequalified for a mortgage.
Get a home inspection, but understand that most lenders will sell only “as is.” The inspection can help you decide whether the short sale price is reasonable, given the cost of repairs needed.
Understand who is paying the agent’s commission and whether you have to make up any differences to your agent.
Submit documentation to the lender.
Have plenty of patience, but balance it with persistence. Keep in mind that banks have grown much better at processing short sales, which is good news for you.